Why Now is a Good Time to Buy
Traditionally, spring is the peak home-buying season. Homeowners are tired of being cooped up in the same space and a summer move-in date gives them plenty of time to settle before school begins in the fall.
This spring has its own challenges as the industry faces shortages in both existing home listings and new building materials, but experts still consider it a smart move to buy now. Why is now a good time to buy? Sandlin Homes evaluated the market and explained a few of the benefits below.
Mortgage rates are low
Mortgage interest rates hit historic lows last year, which brought new buyers into the market looking to capitalize on the savings. According to FreddieMac, the average 30-year fixed rate mortgage was 3.06 percent in April, which was .2 percent lower than a year ago and more than a point lower than April 2019. This means that buyers are saving thousands of dollars over the life of a loan by paying significantly lower interest rates on the amount they borrow.
Prices are rising
In response to the high demand, there has also been an accelerated drop in supply. This has caused an increase in the price of homes across the country and resulted in bidding wars as well. Plus, homebuilders are facing rising lumber costs, which will drive up the price of new home construction. If you are considering a move in the next few months, take advantage of the favorable sellers market and make a plan before prices catch up.
The verdict: Go for it
Ultimately, the decision depends on you. If your family is ready to make a move and has the means to do so, then this is a good time to test the waters. And if you are one of the sellers that receives competing offers in your first weekend of the listing, then Sandlin Homes can work on your timeline to get you into a new home when you hand over the keys.
Homeowners can choose to build in one of a dozen active communities in the Dallas-Fort Worth metropolitan area from Arlington to Waxahachie. The communities are meant to fit an array of buyers with one and two-story floor plans that range from around 1,500 to 4,000 square feet. Prices for new homes start in the mid $200s.
If you already own land or are interested in living outside one of these established communities, you can take one of Sandlin Homes’ floor plans and utilize the Build on Your Lot program. This allows homeowners to make a more independent decision on the location of their home and personalize an existing floor plan to complement the homesite. Sandlin Homes works with several realtors throughout the area and can help you find a homesite if you do not have land.
To start your homebuilding journey with Sandlin Homes, fill out an online form or call our office at (817) 281-3509.